Jamaica National Building Society switches to Citibank in the UK
The Jamaica National Building Society (JNBS) has put in place new measures to maintain payments from the United Kingdom (UK) for members in Jamaica who receive funds, including pensions, from the UK.
JNBS said on Friday that it has established a new relationship with Citibank to facilitate continued services to JN members who receive pensions from the UK using the society’s ‘Pension Expediter Service’.
The move follows the decision by Barclays Bank to close out Jamaican accounts in the United Kingdom.
JN said over the counter cash transactions, which were facilitated by its former banking partner, are no longer available however, such transactions can be facilitated by JN Money Transfer.
The building society said, in a company release on the initiative, that the new relationship with Citibank will provide more options to existing and future members to maintain and establish relationships with JNBS in Jamaica.
The options available to members include electronic transfer of funds to a designated JNBS account in the UK, which will be further credited to a JNBS account in Jamaica. In addition, members may send funds using JN Money Transfer remittance services or wire transfers via Swift Networks. They can also set up standing orders from their UK banks to JNBS’ account in the UK, which JNBS will credit to their account in Jamaica.
“This new relationship will enable us to ensure that our members continue to enjoy the convenience of receiving their pension payments directly to their JNBS account and in the currency of their choice. They will now be required to provide new instructions to their UK pension providers,” Paulette Simpson, executive, corporate affairs and public policy at the JNBS Representative Office (UK) was quoted as saying.
In order to further assist members, JNBS has sent a new instruction form to all UK pensioners for completion and return to the nearest JNBS location or the JNBS Representative Office (UK) in London.
“As soon as we receive the form, we will send it to the member’s UK pension provider and follow up on their behalf” Simpson said, noting that JNBS remains committed to serving its members at home and overseas.
